Recently asked questions relating to Costessey leasehold conveyancing
I am on look out for some leasehold conveyancing in Costessey. Before diving in I require certainty as to the number of years remaining on the lease.
If the lease is recorded at the land registry - and 99.9% are in Costessey - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title.For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
I want to sublet my leasehold flat in Costessey. Conveyancing solicitor who did the purchase is retired - so can't ask him. Do I need to ask my freeholder for permission?
The lease dictates the relationship between the landlord and you the leaseholder; in particular, it will indicate if subletting is banned, or permitted but only subject to certain conditions. The rule is that if the lease contains no specific ban or restriction, subletting is allowed. The majority of leases in Costessey do not contain an absolute prevention of subletting – such a clause would undoubtedly devalue the property. In most cases there is simply a requirement that the owner notifies the freeholder, possibly supplying a duplicate of the sublease.
Estate agents have just been given the go-ahead to market my garden apartment in Costessey.Conveyancing is yet to be initiated but I have just received a yearly service charge invoice – Do I pay up?
Your conveyancing lawyer is likely to suggest that you should discharge the service charge as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer unless the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.
I am attracted to a couple of apartments in Costessey which have approximately 50 years left on the lease term. Will this present a problem?
A lease is a right to use the premises for a period of time. As a lease gets shorter the marketability of the lease reduces and it becomes more expensive to extend the lease. This is why it is often a good idea to increase the term of the lease. Sometimes it is difficult to sell a property with a short lease as mortgage lenders may be reluctant to lend money on such properties. Lease extension can be a difficult process. We advise that you get professional help from a solicitor and surveyor with experience in this field
What makes a Costessey lease defective?
Leasehold conveyancing in Costessey is not unique. All leases are unique and drafting errors can result in certain clauses are wrong. For example, if your lease is missing any of the following, it could be defective:
- A provision to repair to or maintain elements of the building
- A duty to insure the building
- A provision for the recovery of money spent for the benefit of another party.
- Maintenance charge proportions which don’t add up to the correct percentage
You may encounter a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Halifax, Skipton Building Society, and Bank of Ireland all have express requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to grant the mortgage, obliging the buyer to withdraw.
Costessey Conveyancing for Leasehold Flats - Examples of Queries Prior to Purchasing
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How is the lease structured?
It would be prudent to discover if there are any onerous restrictions in the lease. For example it is fairly common in Costessey leases that pets are not permitted in in a block in Costessey. If you love the flatin Costessey however your dog can’t live with you then you have a very hard determination.
Who is in charge of the block?
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